The Swiss Precious Metals Association (ASMP) strongly opposes the motion proposed by National Councilor Franziska Ryser, which calls for a 5% levy on gold exports. The Association warns that such a tax would threaten the existence of the Swiss precious metal industry, negatively affect related sectors, and overall damage the national economy.

Gold, a backbone of key Swiss industries
The Swiss precious metals industry plays a key role in the country’s economy; Switzerland exports precious metals worth CHF 90–100 billion annually. The sector is closely interlinked with other strategic industries such as the watch and jewellery industry, financial services, the chemical industry, transport and logistics, as well as various technological suppliers. This highly specialized ecosystem contributes significantly to Switzerland’s GDP and secures thousands of direct and indirect qualified jobs both domestically and internationally.

The damage inflicted by a unilateral tax
According to ASMP, the proposed unilateral export tax of 5% would not increase Government revenues but instead drive trade and refining activities abroad. Even a modest export levy would make Switzerland uncompetitive overnight. Trading partners would redirect imports away from Switzerland and refineries would have to necessarily relocate abroad with the result that the 5% tax would generate no benefit — only harm.

“This motion endangers one of the central pillars of Switzerland’s export economy,” said Christoph Wild, President of ASMP. “It would not only hit refineries but also entire value chains – from the watchmaking and jewellery industries to the banking and logistics sectors. Five percent on an export volume of zero equals zero revenue – but 100% damage to the industry.”

Past experiences show how sensitive the gold trade is to fiscal measures. In the early 1990s, Switzerland’s turnover tax (WUST) applied to gold led to the relocation of trading activities abroad. Switzerland only later regained its leading position only after the VAT reform and the exemption of investment gold.

Realistic solutions call for dialogue
The proponents of the motion claim that the business of gold trading and refining is associated with reputational risks for the Swiss economy. The ASMP fully recognizes the importance of sustainability, transparency, and human rights in the precious metals sector. The Swiss industry is seen as an example globally in this regard.

The ASMP proposes constructive, effective measures that both protect Switzerland’s economic interests and advance responsible practices. Among these measures the ASMP advocates stronger international and multi-stakeholder dialogue, promotion of recycling and the circular economy in Switzerland, as well as investments in sustainable technologies and innovation. Overall, these measures would help in the continuous effort to position Switzerland as the central hub to produce responsible gold, thus benefitting Switzerland’s global reputation.

Conclusion
The proposed 5% export levy threatens the Swiss precious metals’ industry and risks damaging the connected industries that are key to the national economy, with the result of damaging the trust, stability, and international credibility of Switzerland as a reliable economic hub and a liberal free-trade nation.

The ASMP therefore urges the Federal Council and Parliament to reject this motion clearly and to continue on the path of dialogue and cooperation with the industry to ensure that Switzerland remains the world’s benchmark for both competitiveness and responsibility in the gold sector.

ASMP – Founded in 1978, the Swiss Precious Metals Association (ASMP) brings together 16 companies engaged in the processing and trading of precious metals. Its members refine approximately 75% of Switzerland’s gold imports (worth around USD 70 billion), and include three of the world’s largest refineries. The Swiss refining industry adheres to the guidelines of the London Bullion Market Association, the sector’s leading authority, as well as to OECD standards for the responsible sourcing of materials from conflict-affected and high-risk areas. At Swiss federal level, companies in the sector are regulated under the Anti-Money Laundering Act (AMLA) and monitored by the Central Office for Precious Metals Control, part of the Federal Office for Customs and Border Security (FOCBS).